Chevron Corporation (NYSE:CVX) Shares Purchased by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC increased its stake in Chevron Corporation by 6.1%, now holding 76,955 shares valued at approximately $12.87 million. This makes Chevron the 28th largest holding in their portfolio.
• Chevron recently reported earnings per share of $1.77 for the last quarter, exceeding expectations, though revenue decreased by 12.4% year-over-year.
• The company declared a dividend of $1.71 per share, with an annual yield of 4.4%, scheduled to be paid on September 10th to record holders on August 19th.

Meridian Wealth Management LLC raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,955 shares of the oil and gas company's stock after purchasing an additional 4,410 shares during the quarter. Chevron makes up about 0.6% of Meridian Wealth Management LLC's investment portfolio, making the stock its 28th largest position. Meridian Wealth Management LLC's holdings in Chevron were worth $12,874,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in shares of Chevron in the 4th quarter valued at about $29,000. Navigoe LLC acquired a new position in Chevron in the 4th quarter valued at about $33,000. IFS Advisors LLC grew its stake in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron in the 1st quarter valued at about $39,000. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CVX shares. Mizuho cut their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Redburn Atlantic reiterated a "sell" rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. UBS Group reiterated a "buy" rating and set a $186.00 target price (up from $177.00) on shares of Chevron in a research report on Monday, August 4th. Piper Sandler restated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $164.11.

Chevron Stock Performance

Shares of NYSE:CVX traded up $0.93 during midday trading on Tuesday, reaching $154.38. The company's stock had a trading volume of 6,641,283 shares, compared to its average volume of 12,062,080. The firm has a market capitalization of $266.77 billion, a PE ratio of 19.87, a P/E/G ratio of 2.30 and a beta of 0.87. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a fifty day moving average of $149.07 and a 200 day moving average of $148.55. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. The company's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's payout ratio is 88.03%.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.